The critics of macroeconomic modelling often refer to the models as ‘black boxes’, mystifying entities whereby data is input and a set of results come out at the other side – the inner workings of the model itself are opaque.
It’s important to us that our tools, their scope an…
The impact of changes to the TV industry, the financial crisis and subsequent period of austerity appear to impact on the relative success of English football teams.
Here, our Director Hector Pollitt combines two of his passions: football and economics and puts forwards some s…
Hector Pollitt argues that there is great value in economic modelling results provided that the right sort of tool is used for the policy question in hand.
I’m writing in response to a recent blog for Climate Strategies by Katy Roelich. Katy’s blog covers the complexity of i…
Outdated theories, unrealistic assumptions… our understanding of international trade is skewed.
This latest blog by Hector Pollitt suggests that the ‘more is better’ assumption is too simplistic. In fact, he argues, the benefits of international trade are overplayed and it’s…
The concept of environmental tax reform is not new and is core to environmental economics, but is it compatible with Modern Monetary Theory?
Environmental taxes aim to raise revenues for government, while at the same time discouraging behaviour that damages the environment. Ex…
Unlike most other macroeconomic models, ours (E3ME) includes endogenous money as a core feature (including borrowing by government).
This difference is important because it allows us to best predict outcomes that might be encountered by our clients. Find out how…
We …
Hector Pollitt, explores: what is macroeconomic modelling? And why do we do it?
I am not a fan of economic models because they have all proven wrong.David Davis MP, Secretary of State for Exiting the EU, December 2017.
Is this the case? Is it reasonable to take this view?…
It is now widely acknowledged that decarbonisation will not be possible without putting a price on carbon. Some economists (and most modellers outside Cambridge Econometrics) even suggest that a carbon price would be sufficient to meet carbon targets.
But in the UK there is a …
When President Trump announced a tariff on imports of solar panels we immediately ran some figures through our macroeconomic model to assess the impact that the policy might have on the US energy system.
Our analysis shows that Trump’s tariff on solar panel imports, whi…
How will increased robotisation affect income, production and consumption? Will society benefit from the transition to automation in the long-run? Are humans destined for redundancy and poverty?
In his second blogpost on this subject our Director, Hector Pollitt explains why e…
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